The Platinum Plus® Mastercard® Business credit card from Bank of America is a business card that leads with its interest rate. Its page lists a $0 annual fee, a 0% introductory APR on purchases for the first 15 billing cycles, employee cards at no additional cost and rebates through the Mastercard Easy Saving Program. Here's what the page says and who the card fits.
Platinum Plus Business Card Fee and Rates
Bank of America's card page lists a $0 annual fee and a 0% introductory APR on purchases for the first 15 billing cycles. After the intro period ends, purchases get a variable APR of 14.99% to 25.99%, and so do all balance transfers. Cash advances and convenience checks carry a 27.99% variable APR.
The intro offer is for purchases. The page applies the 14.99% to 25.99% variable APR to balance transfers.
Bank of America points to its terms and conditions for the rate, fee and cost details, and says all terms may change. Read those terms before you apply, because the rate is the whole reason to consider this card.
The page also says the intro offer is online only and may not be available if you leave the page, visit a financial center or call the bank.
Other Bank of America Business Cards
Bank of America's business credit card page lists these other cards with no annual fee. The Unlimited Cash Rewards card earns unlimited 1.5% cash back on all purchases and has a $500 cash rewards bonus offer. The Customized Cash Rewards card earns 3% cash back in the category of your choice on the first $50,000 in combined choice-category and dining purchases each calendar year, then 1%, and also has a $500 cash rewards bonus offer.
The Travel Rewards card earns 3 points per $1 on purchases made at BofA Travel and 1.5 points per $1 on everything else, with a 50,000 online bonus points offer; our Business Advantage Travel Rewards review covers it in full. Those are different cards with their own terms, so check each one's page. The Platinum Plus card makes sense when the intro rate is the feature you care about most.
Platinum Plus Business Card Features
Bank of America lists these features:
- Mastercard Easy Saving Program. Automatic rebates when you pay with the card at tens of thousands of locations across the U.S., with no coupons or codes.
- Employee cards at no additional cost. You can issue cards for employees and monitor all of their transactions.
- Cash flow tools. Automatic payments, transfers and downloads of transactions to QuickBooks.
- Travel and emergency services. Auto rental coverage, $100,000 in travel accident insurance, emergency ticket replacement, lost-luggage assistance and legal and medical referrals.
- Security. Zero liability protection for unauthorized transactions, fraud monitoring and purchase security that covers certain purchases against loss, damage, theft or fire and provides extended warranty coverage. Bank of America says additional terms apply and that details arrive with your card.
- A digital wallet. You can pay in person with a tap of your phone, or online.
Two perks come with strings. Free access to Dun & Bradstreet business credit scores is for U.S.-based Bank of America small business clients with an open, active small business account who have Dun & Bradstreet scores and enroll to see them in Business Advantage 360, and it's for educational purposes. Balance Connect overdraft protection means linking an eligible Bank of America business checking account, subject to the bank's approval, and transfers may not be available for up to 14 days after you open the account.
Who Should Consider It
This card fits an owner who wants to separate business and personal spending, expects to carry a balance on new purchases during the intro period and cares most about the rate. The employee cards at no extra cost help if several people buy for the business. It makes the most sense if you already bank with Bank of America, since the credit scores and overdraft protection depend on a business account there.
Our guide to how business credit cards work covers the basics, and how to qualify for a business credit card explains what issuers check.
Who Should Skip It
If you pay your balance in full every month, the intro APR saves you nothing. A no-annual-fee cash back or travel card from the same bank, or one from another issuer, is worth comparing for the same spending. Our guide to types of credit cards shows how each kind fits, including business cards.
The Decision
The Platinum Plus Mastercard Business card is a utility card: a $0 annual fee, employee cards at no cost and a 0% introductory APR on purchases for 15 billing cycles. Check the terms and conditions first, and if the rate beats your other options, you can start the application on Bank of America's site.
